CARTHO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CARTHO
Largest movements
- Stocks and contracts +€327,699
up €327,699 (+196.5%), from €166,795 to €494,494
- Cash +€22,005
up €22,005 (+46.6%), from €47,216 to €69,221
mainly Net result for the year (+€246,450) and Tax, wage and social debts (+€100,896)
- Reserves +€246,450
up €246,450 (+144.4%), from €170,682 to €417,132
- Tax, wage and social debts +€100,896
up €100,896 (+757.0%), from €13,328 to €114,224
of which Taxes: +€94,032
- Gross operating margin +€317,711
up €317,711 (+296.0%), from €107,344 to €425,055
- Taxes +€104,383
up €104,383 (+585.6%), from €17,826 to €122,209
- Staff costs +€6,435
up €6,435 (+15.4%), from €41,890 to €48,325
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €216,693 | €565,772 | +€349,078 | +161.1% |
| Fixed assets | 21/28 | €2,682 | €2,056 | -€626 | -23.3% |
| Tangible fixed assets | 22/27 | €2,682 | €2,056 | -€626 | -23.3% |
| Plant, machinery and equipment | 23 | €2,682 | €2,056 | -€626 | -23.3% |
| Current assets | 29/58 | €214,011 | €563,715 | +€349,704 | +163.4% |
| Stocks and contracts in progress | 3 | €166,795 | €494,494 | +€327,699 | +196.5% |
| Stocks | 30/36 | €166,795 | €494,494 | +€327,699 | +196.5% |
| Cash at bank and in hand | 54/58 | €47,216 | €69,221 | +€22,005 | +46.6% |
| Total equity and liabilities | 10/49 | €216,693 | €565,772 | +€349,078 | +161.1% |
| Equity | 10/15 | €189,282 | €435,732 | +€246,450 | +130.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €170,682 | €417,132 | +€246,450 | +144.4% |
| Distributable reserves | 133 | €170,682 | €417,132 | +€246,450 | +144.4% |
| Amounts payable | 17/49 | €27,411 | €130,039 | +€102,628 | +374.4% |
| Amounts payable within one year | 42/48 | €25,824 | €128,402 | +€102,578 | +397.2% |
| Financial debts | 43 | €9,167 | €10,833 | +€1,667 | +18.2% |
| Credit institutions | 430/8 | €9,167 | €10,833 | +€1,667 | +18.2% |
| Trade debts | 44 | €3,309 | - | -€3,309 | |
| Suppliers | 440/4 | €3,309 | - | -€3,309 | |
| Taxes, remuneration and social security | 45 | €13,328 | €114,224 | +€100,896 | +757.0% |
| Taxes | 450/3 | €13,328 | €107,360 | +€94,032 | +705.5% |
| Remuneration and social security | 454/9 | - | €6,864 | +€6,864 | |
| Other amounts payable | 47/48 | €20 | €3,345 | +€3,324 | +16605.8% |
| Accrued charges and deferred income | 492/3 | €1,588 | €1,638 | +€50 | +3.2% |
| Remuneration, social security and pensions | 62 | €41,890 | €48,325 | +€6,435 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,290 | €2,199 | -€2,092 | -48.7% |
| Other operating charges | 640/8 | €1,784 | €3,106 | +€1,322 | +74.1% |
| Gross operating margin | 9900 | €107,344 | €425,055 | +€317,711 | +296.0% |
| Operating profit (loss) | 9901 | €59,380 | €371,425 | +€312,045 | +525.5% |
| Financial income | 75/76B | €20 | €1 | -€19 | -93.7% |
| Recurring financial income | 75 | €20 | €1 | -€19 | -93.7% |
| Financial charges | 65/66B | €3,590 | €2,768 | -€822 | -22.9% |
| Recurring financial charges | 65 | €3,590 | €2,768 | -€822 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €55,810 | €368,658 | +€312,849 | +560.6% |
| Income taxes | 67/77 | €17,826 | €122,209 | +€104,383 | +585.6% |
| Profit (loss) for the period | 9904 | €37,984 | €246,450 | +€208,466 | +548.8% |
| Profit (loss) for the period to be appropriated | 9905 | €37,984 | €246,450 | +€208,466 | +548.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.